Caseware UK (AP4) 2023.0.135 2023.0.135 2022-12-312022-12-31false2022-01-011truefalse1The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 13059582 2022-01-01 2022-12-31 13059582 2021-01-01 2021-12-31 13059582 2022-12-31 13059582 2021-12-31 13059582 c:Director1 2022-01-01 2022-12-31 13059582 d:CurrentFinancialInstruments 2022-12-31 13059582 d:CurrentFinancialInstruments 2021-12-31 13059582 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 13059582 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 13059582 d:ShareCapital 2022-12-31 13059582 d:ShareCapital 2021-12-31 13059582 d:RetainedEarningsAccumulatedLosses 2022-12-31 13059582 d:RetainedEarningsAccumulatedLosses 2021-12-31 13059582 c:OrdinaryShareClass1 2022-01-01 2022-12-31 13059582 c:OrdinaryShareClass1 2022-12-31 13059582 c:OrdinaryShareClass1 2021-12-31 13059582 c:FRS102 2022-01-01 2022-12-31 13059582 c:AuditExempt-NoAccountantsReport 2022-01-01 2022-12-31 13059582 c:FullAccounts 2022-01-01 2022-12-31 13059582 c:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 13059582 2 2022-01-01 2022-12-31 13059582 e:PoundSterling 2022-01-01 2022-12-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 13059582














BEN EMMERSON FINE ART LTD
(FORMERLY KNOWN AS EMMERSON FAVALI LIMITED)

 
UNAUDITED

 FINANCIAL STATEMENTS

FOR THE YEAR ENDED  31 DECEMBER 2022

 
BEN EMMERSON FINE ART LTD
 

CONTENTS



Page
Balance sheet
 
1 - 2
Notes to the financial statements
 
3 - 5


 
BEN EMMERSON FINE ART LTD
REGISTERED NUMBER:13059582

BALANCE SHEET
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

  

Current assets
  

Stocks
 4 
4,567,707
3,566,870

Debtors: amounts falling due within one year
 5 
149,308
107,643

Cash at bank and in hand
 6 
2,214
43,435

  
4,719,229
3,717,948

Creditors: amounts falling due within one year
 7 
(5,195,942)
(4,237,938)

Net current liabilities
  
 
 
(476,713)
 
 
(519,990)

Total assets less current liabilities
  
(476,713)
(519,990)

  

Net liabilities
  
(476,713)
(519,990)


Capital and reserves
  

Called up share capital 
 8 
100
100

Profit and loss account
  
(476,813)
(520,090)

  
(476,713)
(519,990)


1

 
BEN EMMERSON FINE ART LTD
REGISTERED NUMBER:13059582
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2022

The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 March 2024.




M B Emmerson KC
Director

The notes on pages 3 to 5 form part of these financial statements.

2

 
BEN EMMERSON FINE ART LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

Ben Emmerson Fine Art Ltd (formerly known as Emmerson favali Limited) is a private company, limited by shares, registered in England and Wales, registration number 13059582. The registered office address is Elsley Court, 20-22 Great Titchfield Street, London, W1W 8BE.
The principal activity of the company is retail sale of artwork.
 
2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The company's functional and presentational currency is pound sterling.

The following principal accounting policies have been applied:

 
2.2

Going concern

The parent company, Emmerson Consulting International Limited, has committed to continue to support the company for a period of not less than one year from the date of signing of the financial statements. On this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would result from the withdrawal of this support.

 
2.3

Turnover

Turnover from retail sale of artwork is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

 
2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

3

 
BEN EMMERSON FINE ART LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.9

 Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

 Financial instruments

The company only enters into basic financial instrument transactions that result in the recongnition of financial assets and liabilties like trade and other debtors and creditors, loans from banks and other other third parties and loans to related parties.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2021 - 1).


4.


Stocks

2022
2021
£
£

Finished goods
4,567,707
3,566,870



5.


Debtors

2022
2021
£
£


Other debtors
149,308
107,643



6.


Cash and cash equivalents

2022
2021
£
£

Cash at bank
2,214
43,435


4

 
BEN EMMERSON FINE ART LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

7.


Creditors: Amounts falling due within one year

2022
2021
£
£

Trade creditors
972,916
1,077,845

Amounts owed to group undertakings
3,705,555
2,958,979

Corporation tax
10,152
-

Other creditors
503,819
197,614

Accruals
3,500
3,500

5,195,942
4,237,938



8.


Share capital

2022
2021
£
£
Allotted, called up and fully paid



100 (2021 - 100) ordinary shares of £1.00 each
100
100



9.


Related party transactions

FRS 102 Section 1A paragraph 1AC.35 does not require disclosure of transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by a member of that group. The company has taken this exemption.

 
5